- X2M Connect (X2M) secures contracts with Gochang County and the Jeju province in South Korea
- The Internet of Things (IoT) company renews a contract with Gochang County to provide it with remote water monitoring services across 25,500 households over three years
- The new contract replaces a five-year contract and is valued at $1.03 million
- Additionally, X2M will provide remote monitoring services over 12 months for the Jeju province
- Company shares closed 3.13 per cent up at 16.5 cents
X2M Connect (X2M) has secured two new Software-as-a-Service (SaaS) and maintenance contracts with Gochang County and the Jeju province in South Korea.
The first is a three-year contract renewal with Gochang County valued at $1.03 million. This replaces the previous five-year contract which covered 24,100 households.
The Internet of Things (IoT) solutions company will provide remote water monitoring services across 25,500 households in the Gochang County. The County is expected to add 300 new residences onto the platform each year which is expected to deliver additional revenues of about $150,000 over the three years.
X2M CEO Mohan Jesudason said the contract renewal is a testament to its solution.
“This contract is important from two aspects, first that our customer at Gochang is satisfied with our services and what they contribute to the County’s offer to its citizens, and secondly that once installed, our solution is very sticky and difficult to replace as the services become embedded in the customer processes,” he said.
In addition, Jeju signed a 12-month platform SaaS and maintenance contract for X2M to continue providing remote monitoring services. This followed the company deploying remote water meter monitoring into roughly 8000 households. The first year service contract is $60,000.
Company shares closed 3.13 per cent up at 16.5 cents.